StepStone Group (NASDAQ:STEP) Announces Earnings Results

StepStone Group (NASDAQ:STEP – Get Rating) announced its quarterly earnings data on Wednesday. The company reported $0.24 earnings per share for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.04), Briefing.com reports. The business had revenue of $152.94 million for the quarter, compared to analyst estimates of $145.36 million. The business’s revenue for the quarter was up 5.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.38 EPS.

StepStone Group Stock Performance

Shares of NASDAQ STEP traded up $0.36 during trading on Friday, hitting $21.50. The company had a trading volume of 10,886 shares, compared to its average volume of 288,919. The stock has a 50 day simple moving average of $22.74 and a 200 day simple moving average of $26.35. StepStone Group has a 12 month low of $19.83 and a 12 month high of $32.12. The firm has a market capitalization of $2.35 billion, a P/E ratio of -68.19 and a beta of 1.36.

StepStone Group Announces Dividend

The business also recently declared a Variable dividend, which will be paid on Friday, June 30th. Shareholders of record on Thursday, June 15th will be given a $0.45 dividend. The ex-dividend date is Wednesday, June 14th. StepStone Group’s payout ratio is -258.06%.

Analyst Upgrades and Downgrades

STEP has been the topic of a number of recent analyst reports. Barclays cut their price target on shares of StepStone Group from $26.00 to $25.00 in a report on Thursday. The Goldman Sachs Group boosted their target price on StepStone Group from $29.00 to $33.00 and gave the stock a “neutral” rating in a research report on Friday, February 10th. TheStreet lowered StepStone Group from a “c-” rating to a “d+” rating in a research report on Thursday, May 4th. JPMorgan Chase & Co. decreased their target price on StepStone Group from $37.00 to $36.00 and set a “neutral” rating for the company in a research report on Monday, February 13th. Finally, Morgan Stanley decreased their target price on StepStone Group from $30.00 to $28.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 19th. Four analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $32.80.

Insider Transactions at StepStone Group

In other news, CAO David Y. Park sold 2,400 shares of the firm’s stock in a transaction on Wednesday, March 1st. The shares were sold at an average price of $28.52, for a total transaction of $68,448.00. Following the sale, the chief accounting officer now directly owns 31,864 shares in the company, valued at approximately $908,761.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 20.01% of the company’s stock.

Hedge Funds Weigh In On StepStone Group

Several institutional investors have recently bought and sold shares of STEP. Bank of New York Mellon Corp grew its stake in StepStone Group by 9.3% during the first quarter. Bank of New York Mellon Corp now owns 204,536 shares of the company’s stock valued at $6,762,000 after acquiring an additional 17,367 shares in the last quarter. PNC Financial Services Group Inc. grew its stake in shares of StepStone Group by 21.5% in the 1st quarter. PNC Financial Services Group Inc. now owns 7,535 shares of the company’s stock worth $250,000 after buying an additional 1,332 shares in the last quarter. Natixis Advisors L.P. purchased a new position in shares of StepStone Group in the 1st quarter worth $615,000. MetLife Investment Management LLC grew its stake in shares of StepStone Group by 70.9% in the 1st quarter. MetLife Investment Management LLC now owns 24,734 shares of the company’s stock worth $818,000 after buying an additional 10,257 shares in the last quarter. Finally, Panagora Asset Management Inc. purchased a new position in shares of StepStone Group in the 1st quarter worth $838,000. 93.82% of the stock is owned by hedge funds and other institutional investors.

About StepStone Group

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StepStone Group Inc is an investment firm specializing in direct, fund of funds, secondary direct, and secondary indirect investments. For direct investment, it seeks to invest in venture debt, incubation, mezzanine, distressed/vulture, seed/startup, early venture, mid venture, late venture, emerging growth, later stage, turnaround, growth capital, industry consolidation, recapitalization, and buyout investments in mature and middle market companies.